Tax sales in Indiana counties are fast approaching. If you take the opportunity to purchase real estate, you’ve still got work to do. If everything goes smoothly, you will receive a tax deed after the redemption period expires. You now have a deed that most title insurance companies, including Hocker & Associates, will not insure. If you are going to sell it with title insurance or sign a warranty deed you want the silver bullet of clean title-a quiet title.
A quiet title decree is a Court Order that states that no one but the owner of the Real Estate has a right to its value or ownership including unknown heirs and spouses of previous owners. It’s a powerful tool with strict legal requirements about notice to potentially interested parties.
Some Defendants file disclaimers of interest-they want nothing to do with the property. Some believe they have a claim and file an answer.
Even if your buyer does not intend to obtain title insurance, you, as the seller do not want to sign a warranty deed. A warranty deed is your guarantee that the title is free and clear. Can you say without reserve that your title is free and clear?
You must be sure that you hire an attorney that can review the tax sale notices, competently review the title search and notify the proper Defendants and follow procedure.
Quiet Title lawsuits can be complicated and you should hire an experienced attorney to do this for you. If you purchased real estate for pennies on the dollar, a small investment to make sure your title is clean is worth the cost.
Did you miss our last post? “Selling a Home, Cash vs. Conventional” – read it here